TCW International Small Cap Fund I SHARE: TGICX N SHARE: TGNIX 20 8 FEBRUARY 28 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contains more information about the Fund and its risks. You can find the Fund s Prospectus, Statement of Additional Information and other information about the Fund online at www.tcw.com. You can also get this information at no cost by calling 800 386 3829 or by sending an email request to contact@tcw.com. The Fund s current Prospectus and Statement of Additional Information, both dated February 28, 2018, are incorporated by reference into this Summary Prospectus. The Securities and Exchange Commission has not approved or disapproved these securities or passed on the adequacy of this prospectus. Any representation to the contrary is a criminal offense. TCW-ISF_0218
Investment Objective The Fund s investment objective is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. Shareholder Fees (Fees paid directly from your investment) None. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Share Classes I N Management Fees... 0.75% 0.75% Distribution and/or Service (12b-1) Fees... None 0.25% Other Expenses... 2.14% 2.48% Total Annual Fund Operating Expenses... 2.89% 3.48% Fee Waiver and/or Expense Reimbursement 1... 1.45% 2.04% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1... 1.44% 1.44% 1 The Fund s investment advisor has agreed to waive fees and/or reimburse expenses to limit the Fund s total annual operating expenses (excluding interest, brokerage, extraordinary expenses and acquired fund fees and expenses, if any) to 1.44% of average daily net assets. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2019 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board s approval, extend or modify that arrangement. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at theendofthoseperiods.theexamplealsoassumesthatyour investment has 5% return each year and that the Fund s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Share Classes 1 Year 3 Years 5 Years 10 Years I... $147 $758 $1,395 $3,110 N... $147 $878 $1,633 $3,621 Portfolio Turnover TheFundpaystransactioncostswhenitbuysandsellssecurities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 232.19% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small capitalization companies that are domiciled outside the United States or whose primary business operations are outside the United States. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. Small capitalization companies are companies with a market capitalization (share price multiplied by number of shares outstanding) of $6 billion or less at the time of investment, and the Fund is not required to sell a security if its market capitalization appreciates above $6 billion. Equity securities include common and preferred stocks; securities convertible into common or preferred stocks such as convertible bonds and debentures; rights or warrants to purchase common or preferred stocks; American Depository Receipts (ADRs); Global Depository Receipts (GDRs); and other securities with equity characteristics. In selecting securities, the portfolio managers evaluate investment opportunities on a company-by-company basis. This approach includes fundamental analysis of a company s financial statements and management structure and consideration of the company s operations and product development as well as its position in the industry. In selecting the Fund s investments, the portfolio managers consider companies that have one or more of the following attributes: businesses that are entering into a growth cycle accelerating earnings growth or cash flow 1
companies whose stock is selling at a reasonable valuation strong competitive position in their industry strong management team ability to take advantage of business opportunities The portfolio managers also consider the effect of worldwide trends on the growth of particular business sectors and look for companies that may benefit from those trends. The trends considered include but are not limited to: rising domestic demand, new technologies, and a country s and a global or local industry cycle. Trends that are considered may change over time. The Fund may invest in companies that are not currently generatingcashflow,butareexpectedtodosointhefuture in the portfolio managers opinion. The Fund may invest in derivatives such as options, futures, foreign currency futures and forward contracts. These practices may be used to hedge the Fund s portfolio as well as for investment purposes; however, such practices may reduce returns or increase volatility. Portfolio securities may be sold for a number of reasons, including when the portfolio managers believe that (i) there has been a deterioration in the underlying fundamentals of a company, (ii) the intermediate- and long-term prospects for a company are poor, (iii) there are negative macroeconomic or geopolitical considerations that may affect a company, (iv) another security may offer a better investment opportunity, (v) an individual security has reached its sell target, or (vi) the portfolio should be rebalanced for diversification or portfolio weighting purposes. Principal Risks Since the Fund holds securities with fluctuating market prices, the value of the Fund s shares will vary as its portfolio securities increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The principal risks affecting the Fund that can cause a decline in value are: foreign investing risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. foreign currency risk: the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund s investments denominated in foreign currencies or the Fund s investments in foreign currencies or in securities that trade in and receive revenues in, or in derivatives that provide exposure to, foreign currencies. emerging market country risk: the risk that Fund share prices will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. equity risk: the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company s financial condition and in overall market, economic and political conditions. frequent trading risk: the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund s performance and may cause higher levels of current tax liability to shareholders in the Fund. small- and mid-capitalization company risk: the risk that small- and mid-capitalization companies may have more volatile stock performance than large-capitalization companies and are more likely to experience business failures, which increases the risk of loss to the Fund. investment style risk: the risk that the particular style or set of styles that the investment advisor primarily uses may be out of favor or may not produce the best results over short or longer time periods and may increase the volatility of the Fund s share price. derivatives risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricingorimpropervaluation.changesinthevalueofa derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. leverage risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. The Fund will reduce leverage risk by either segregating an equal amount of liquid assets or covering the transactions that introduce such risk. 2
counterparty risk: the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations globalization risk: the risk that the growing interrelationship of global economies and financial markets has magnified the effect of conditions in one country or region on issuers of securities in a different country or region. price volatility risk: the risk that the value of the Fund s investment portfolio will change as the prices of its investments go up or down. insurer risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer s goods or services liquidity risk: the risk that there may be no willing buyer of the Fund s portfolio securities and the Fund may have to sellthosesecuritiesatalowerpriceormaynotbeableto sell the security at all, each of which would have a negative effect on performance. market risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. securities selection risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers choice of securities. portfolio management risk: the risk that an investment strategy may fail to produce the intended results. Please see Principal Risks of the Funds in the Fund s Prospectus for a more detailed description of the risks of investing in the Fund. Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Investment Results The bar chart below shows the Fund s investment results have varied from year to year and the table below shows how the Fund s average annual total returns for various periods compare with a broad measure of market performance. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund s performance from year to year. The bar chart shows performance of the Fund s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund s investment results can be obtained by visiting www.tcw.com. Calendar Year Total Returns For Class I Shares 14.56% 22.49% -10.37% 6.83% -4.12% 12 13 14 15 16 Highest/Lowest quarterly results during this period were: Highest 20.29% (quarter ended 3/31/2012) Lowest -13.28% (quarter ended 6/30/2012) Average Annual Total Returns (For the period ended December 31, 2017) 38.92% Share Class 1 Year 5 years Since Inception (2/28/2011) I Before taxes 38.92% 9.33% 3.38% - After taxes on distributions 38.92% 9.05% 2.88% - After taxes on distributions and sale of fund shares 22.03% 7.36% 2.48% N Before taxes 38.87% 9.31% 3.34% MSCI All Country World Index ex-u.s. Small Cap Net (reflects no deduction for fees, expenses or taxes) 1 31.65% 10.03% 6.54% 1 The MSCI All Country World Index ex-u.s. Small Cap Net is a market capitalization-weighted index designed to measure equity performance in 47 global developed markets and emerging markets, excluding the U.S., and is composed of stocks categorized as small company stocks. After tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns 17 3
shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are shown for only one class of shares and after-tax returns for other classes will vary. Investment Advisor TCW Investment Management Company LLC is the investment advisor to the Fund. Portfolio Managers The portfolio managers for the Fund are: Name Ray Prasad, CFA (Lead Portfolio Manager) Andrey Glukhov, CFA (Co-Manager) Experience with the Fund Primary Title with Investment Advisor 3 years Managing Director 3 years Senior Vice President Purchase and Sale of Fund Shares You may purchase or redeem Fund shares on any business day (normally any day the New York Stock Exchange is open). Purchase and redemption orders for Fund shares are processed at the net asset value next calculated after an order is received by the Fund. You may conduct transactions by mail (TCW Funds, Inc. c/o U.S. Bancorp Fund, Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701), or by telephone at 1-800-248-4486. Redemptions by telephone are only permitted upon previously receiving appropriate authorization. You may also purchase, exchange or redeem Fund shares through your dealer or financial advisor. Purchase Minimums for All Share Classes Type of Account Minimum Initial Investment Subsequent Investments Regular... $2,000 $250 Individual/Retirement Account... $ 500 $250 A broker-dealer or other financial intermediary may require a higher minimum initial investment, or may aggregate or combine accounts in order to allow its customers to apply a lower minimum investment. Tax Information Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal from those arrangements. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund s distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit your financial intermediary s website for more information. 4